Good morning traders! We hope everyone had a great holiday break!
The S&P 500 ($SPY) is trading near Friday’s close. Let’s get into it…
This week wraps up the last trading days of 2022, and traders and investors ponder whether a Santa Claus rally would arrive and rescue the market beaten down by recession fears. Stocks are on track to have their worst year since 2008, as well as another negative month. The S&P 500 fell 5.8% in December, while the Dow and Nasdaq fell 4% and 8.5%, respectively. These are the largest monthly declines since this past September. Following a rocky year dominated by inflation and recession worries, investors are hoping to end 2022 on a high note.
In the news, China’s Shanghai Composite closed higher today as the government further reduced COVID-related restrictions and promised additional financial help for COVID-affected industries such as catering and tourism. The National Health Commission said on Monday that China will no longer need arriving tourists to undergo quarantine beginning January 8th. The Nikkei 225 Stock Index of Japan also finished higher after statistics revealed that retail sales increased for the ninth consecutive month in November, thanks to the removal of COVID-19 border restrictions and the government’s domestic travel subsidies.
Potential Intraday Resistance Levels:
12/23/22 After-Hours High: $385.78
Potential Intraday Support Levels:
Market Close: $382.91
50D SMA (1hr): $382.04
Note: Moving averages are reported from the previous trading session and will change during the next trading session.
Tuesday Economic Events:
International Trade in Goods 8:30am ET
Wholesale Inventories 8:30am ET
CaseShiller HPI 9:00am ET
FHFA House Price Index 9:00am ET
Dallas Fed Mfg Survey 10:30am ET
Fed Speaker Scheduled:
No Fed Speakers Scheduled
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